3988's aeroplane rental business

The development of the rumours in the past few days seems that every bit is ready for 3988 to spin off its aeroplane rental business in coming weeks -- maybe week!.

I don't know and wondering when the Cheung Kong Hutchison will spin off its aeroplane rental business ar?!


【新股追蹤】中銀航空租賃42元招股籌87億

放大圖片
中國銀行(03988)分拆旗下中銀航空租賃上市定出招股價，每股招股價42元，發行2.082億股，集資87.45億元。

中銀航空租賃計劃發售2.082億股，新股及中行出售的舊股各佔一半，合共佔中銀航空租賃已發行股份總數約30%。

倘超額配股權獲全數行使，發售股份數目將達2.394億股，中行出售舊股數目增至1.353億股，合共佔已發行股份總數約34.5%，集資總額100.56億元。

中銀航空租賃的市值將為約291.48億元。招股完成後，中行持股量降至約70%，若超額配股權全數行使，持股量降至約65.5%。

中銀航空租賃是次上市集資所得資金將用於購買新飛機及補充營運資金。截至去年末，公司已承諾購買的241架飛機中，74架已承諾租賃。

中銀航空租賃去年收入10.91億美元，盈利3.43億美元，分別按年增長10.4%及11.3%。去年底，機隊總數270架，包括227架自有飛機及43架代管飛機。

3988's aeroplane rental business has unique advantage compared to other competitors -- being a branch business of a large bank. 3988 is able to raise a lot savings and idling money from the citizens at low cost. And rental business is quite capital intensive, Bingo, 3988 feeds its aeroplane rental business by supplying low cost money, perfect supplementary businesses.

The investment potential of the aeroplane business may not be of explosive, Rather, it is a constant cash inflow business. It is relatively low risk in my point of view. Except those unpredictable issues like air aeroplane accident or large scale decrease in demand of aeroplanes (e.g. sudden decrease of travellers, shrinking of trading and thus demand of air delivery etc), I heard that this business can generate at least 10% profit per year.


Are you interested in investing a steady but safe company?